Net profit of AED 125 million versus a net loss of AED 467 million in 2015.

Customer deposits increased by 25.6% to AED 13,952 million from December 2015.

Net loans and advances increased by 15.5% to AED 13,291 million from December 2015.

Operating income increased by 2.4% to AED 839 million versus 2015.

Total provisions for the year decreased by 69.6% to AED 256 million versus 2015.

Capital Adequacy Ratio remained stable at 14.4% versus 14.8% at December 31, 2015.

Assigned a long-term issuer default rating of 'A-' by Fitch Ratings, and a long-term foreign currency rating of 'A-' by Capital Intelligence Ratings.

Mohammad Sultan Al Qadi, Chairman of CBI, commented on the Bank’s performance: “2016 demonstrated the success of CBI’s strategy and completes the first full year of our turnaround story. CBI witnessed strong quarter on quarter growth, in-spite of a volatile market environment, strengthened its capital structure and corebusiness and continued to attract new customers. While the year ahead will continue to present some challenges, the Bank is strongly positioned to continue to grow and take advantage of market opportunities as they arise.”

Mark T. Robinson, CEO of CBI, added: “CBI today has solid fundamentals, with sustainable growth and strong quality of earnings. Net profit, net interest income and net fees and commissions increased substantially relative to 2015 as we grew our total number of customers by 13.3%, and increased our customer deposits by over AED 2 billion.”

Financial Summary

CBI’s net profit for FY 2016 was AED 125 million with Q4 2016 net profit of AED 24 million. This was driven by an increase in revenues from the customer business, limited expense growth and reduced provisions versus the previous financial year.

Operating income for FY 2016 increased by 2.4% to AED 839 million versus FY 2015 driven by an 8% increase in customer revenue.

Net interest income increased by 3.4% to AED 507 million despite a general increase in the costof funding across the sector.

Customer deposits increased by 25.6% to AED 13,952 million in 2016 as a result of the Bank’s improved products and services mix, and the debt ratings received earlier in the year.

Net fee and commission income increased by 10.4% to AED 259 million, and Fee and Commission Income (as a percentageof operating income) stood at 30.8% versus 28.6% in FY 2015, as the Bank benefited from the increase in new customers and cross sell.

Operating expenses for FY 2016 remain tightly managed with a slight increase of 2.8% to AED 459 million versus FY2015.

Non-core assets decreased by 24.1% to AED 751 million in 2016 as the Bank continued to deliver on its strategy of divesting non-core businesses.

The Capital Adequacy Ratio at year-end 2016 remained stable at 14.4% compared to 14.8% at year-end 2015.